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(Stock Code: 2355) ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2016The board of directors (the "Board") of Baoye Group Company Limited* (the "Company") is pleased to announce the audited consolidated annual results of the Company and its subsidiaries (collectively, the "Group") for the year ended 31 December 2016, together with comparative figures for the year ended 31 December 2015. The following financial information is extracted from the audited consolidated financial statements prepared in accordance with Hong Kong Financial Reporting Standards as set out in the Group's 2016 Annual Report.
* For identification purpose only
Revenue | Note 2 | RMB'000 18,196,134 | RMB'000 18,216,083 |
Cost of sales | (17,031,690) | (16,973,082) | |
Gross profit | 1,164,444 | 1,243,001 | |
Other income | 3 | 118,799 | 116,351 |
Other gains - net | 4 | 39,370 | 79,746 |
Selling and marketing costs | (85,166) | (72,943) | |
Administrative expenses | (471,356) | (407,522) | |
Operating profit | 766,091 | 958,633 | |
Finance costs Share of loss of joint ventures | - (1,070) | - (68,642) | |
Share of loss of associates | (478) | (9,072) | |
Profit before income tax | 764,543 | 880,919 | |
Income tax expense | 5 | (230,133) | (281,922) |
Profit for the year | 534,410 | 598,997 | |
Profit attributable to: - Owners of the Company | 526,933 | 563,655 | |
- Non-controlling interests | 7,477 | 35,342 | |
534,410 | 598,997 | ||
Earnings per share for profit attributable to the owners of the Company | 6 | ||
- Basic and diluted (expressed in RMB per share) | 0.86 | 0.91 |
Profit for the year | RMB'000 534,410 | RMB'000 598,997 |
Other comprehensive income: Items that may be reclassified to profit or loss Transfer of reserves to income statement upon sale of available-for-sale financial assets, net of tax | (14,992) | (3,097) |
Change in fair value of available-for-sale financial assets, net of tax | 14,235 | 3,389 |
Other comprehensive income for the year, net of tax | (757) | 292 |
Total comprehensive income for the year | 533,653 | 599,289 |
Total comprehensive income attributable to: - Owners of the Company | 526,176 | 563,947 |
- Non-controlling interests | 7,477 | 35,342 |
Total comprehensive income for the year | 533,653 | 599,289 |
ASSETS | Note | RMB'000 | RMB'000 |
Non-current assets | |||
Land use rights | 498,057 | 480,752 | |
Property, plant and equipment | 1,304,910 | 1,240,692 | |
Investment properties | 8 | 597,079 | 597,079 |
Goodwill | 16,534 | 16,534 | |
Investments in joint ventures | 86,430 | 50,573 | |
Loans to joint ventures | - | 9,868 | |
Investments in associates | 13,741 | 28,218 | |
Available-for-sale financial assets | 8,697 | 9,707 | |
Deferred income tax assets | 289,924 | 74,538 | |
2,815,372 | 2,507,961 | ||
Current assets | |||
Inventories | 146,199 | 131,737 | |
Properties under development | 9 | 4,873,996 | 4,625,616 |
Completed properties held for sale | 10 | 2,160,415 | 2,390,148 |
Due from customers on construction contracts | 11 | 2,965,894 | 3,127,617 |
Trade receivables | 12 | 2,840,194 | 1,423,938 |
Other receivables and prepayments | 1,838,620 | 1,710,932 | |
Loan to an associate | - | 51,146 | |
Loans to joint ventures | 61,528 | - | |
Available-for-sale financial assets | 678,590 | 624,310 | |
Financial assets at fair value through profit or loss | 796,269 | - | |
Restricted bank deposits | 633,571 | 188,009 | |
Term deposits with initial term of over three months | 11,925 | 45,419 | |
Cash and cash equivalents | 2,885,736 | 3,170,058 | |
19,892,937 | 17,488,930 | ||
Total assets | 22,708,309 | 19,996,891 |